TAMPA, FLA., December 11, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Felicia Villa Apartments, a 21-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $867,000.
Joshua Teplitzky, associate and Michael P. Regan and Francesco P. Carriera, vice presidents investments all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Felicia Villa Apartments is located at 4711 North Grady Avenue in Tampa, Fla. The property consists of one, two-story building with 21, one-bedroom/one bathroom units. Common area renovations include a new security system, fresh exterior building paint, new windows, new landscaping and new roofs. The interiors of 19 of the units were upgraded with carpet and tile, with renovated countertops and new appliances.
“This property is located just outside of the Westshore Business District in Tampa with easy access to major employment centers,” says Teplitzky. “We drove three offers in the two weeks of marketing and commanded a lot of interest from local, as well as out-of-area investors,” adds Teplitzky. “The property traded above a 10 percent capitalization rate which was the main catalyst for the quick sale.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com